profiteersfandomcom-20200213-history
Deciding on coins
Setting the coins right is one of the most important items to do in order to maximise your profit. If done properly, the rewards can be very good, but if done poorly, your earnings will be very low. Therefor it's imperative to understand how to determine what coins to set and to understand the concept of the switcher and how it works. In the past things were simple; you were either mining Bitcoin, Ethereum or any other crypto coins. You got paid once you found a block, or the percentages of your shares contributed to the pool you're mining with. Every block was worth the same amount and you knew in advance how much that would be. Then came Proof of Stake (PoS) coins like Peercoin, Dash and LUXcoin, but there are new ones being released every day. Important for you to know is that if a coin is in a PoS block and you're mining that, payout is way less compared to a PoW block. Like $6 vs. $0,01. The intention of this miner is to pick out the PoW blocks only and ensure you receive your reward for that, while wasting as little hashrate as possible on the PoS block by jumping to another coin as soon as it turns out another coin is more profitable at that moment. First, we advise to pick a few stable PoW-only coins to form a baseline for stable profits, like RVN and PGN. These will be the coins that the switcher will fall back on in case none of the stakecoins you set are in a PoW-block, or just not profitable in general. Also, you ensure you pickup a nice dip in difficulty, like the other day with PGN, being 2 to 3 times as profitable as the other coins for just a few hours. The miner will know that and just mine the coins accordingly. Then decide on the other coins you would like to add. A great tool is the Profiteers Switch Bot, to which you'll get access once you have access to the Profiteers Telegram channel. Using the command "/top20" you'll get a list like this: * Top 20: * 1: tzc Usd per day: 4.41358714348553604623 * 2: mun Usd per day: 3.66481008514770856266 * 3: dgb Usd per day: 3.45966099644483682241 * 4: frm Usd per day: 3.44489624214202549979 * 5: spk Usd per day: 3.42705344622118746045 * 6: timec Usd per day: 3.39189783841676373299 * 7: mtn Usd per day: 3.30827146515458458964 * 8: gbx Usd per day: 3.16255804268421902847 * 9: kec Usd per day: 3.09315088408448390922 * 10: airin Usd per day: 3.0515498788524668683 * 11: rvn Usd per day: 3.00027335662970306984 * 12: flm Usd per day: 2.93867985349092197822 * 13: dnr Usd per day: 2.89826257408947274286 * 14: btx Usd per day: 2.89813386444164766687 * 15: jlg Usd per day: 2.7559169937136207551 * 16: bsd Usd per day: 2.74806130002312531957 * 17: gin Usd per day: 2.74186836110055587312 * 18: elli Usd per day: 2.59229927905931090137 * 19: spd Usd per day: 2.49866379165709417975 * 20: proton Usd per day: 2.44464312217514967429 From the list it seems TZC is good at that moment, so we may consider adding that to the list. Before deciding on that however, it's good practice to verify the background of this coin. A couple of questions you may want to ask yourself before deciding to add the coin: * Is it a short-lived pump causing the price to spike, or has the price remained more or less stable and is the calculated revenue probably caused by a drop in diff? If it's the first, you're betting on being able to exchange your mined coins before the pump is over, but usually this works out badly and you may have been better of mining something else. * Does it have any sort of volume, so that you know you'll be able to actually sell the mined coins? * Are you able to find any pool that hits blocks at a regular interval? Since you're usually on a coin for 15 minutes or less, it is important to find a pool that hits blocks preferrably ever couple of minutes, otherwise you probably won't reach the projected profit for this coin. If you request the list at regular invalls, like every 10 minutes for the next half hour, you should be able to make a pretty good estimation of which coins can provide good profits. Add those to the list. If you have troubles finding a pool or exchange for a certain coin, use the profiteers switch bot and use the command /coin "yourcoin". For example TZC we use the command /coin TZC. The result from the bot is the following. Rank: 16 Best Pool: 11 Workers On Pool: 687 Best Exchange: 4 Coins Per Day: 122.87126102664093707517 Price USD: 0.02267185830000000013 Price BTC: 0.00000273 USD Per Day: 2.78571981913831567823 The numbers correspond with the list that you can find in Profiteers Switcher Updates. It's possible that there are better pools, so always double check, but you have a good base pool to start with. Be advised that this is not a set and forget procedure. Profitability of coins differs every day, so you'll need to watch the list and add new coins at least twice a day to keep profitability on a high level. Now that we've established a baseline of coins we want to add, we'll explain how you can configure those in the system.